Published On : Wed, Jul 24th, 2013
Business News | By Nagpur Today Nagpur News

CAIT welcomes parliamentary panel report on FDI in retail

Nagpur News.

The Confederation of All India Traders (CAIT) apex body of the trading community and which is spearheading trader’s nationwide movement against FDI in Retail has welcomed the report of the Parliamentary Standing Committee on Industry which has recommended the Government to set up a Retail Regulatory Authority to regulate the foreign multi brand retail companies in the Country .

CAIT National President B. C. Bhartia and National Secretary General Praveen Khandelwal in a joint statement issued at New Delhi said that the CAIT is demanding a Regulatory Authority on retail trade and a National Trade Policy for domestic retail trade of India. The concerns expressed by the Parliamentary panel are quite genuine and corroborate the stand taken by the CAIT against entry of global retailers in Indian retail trade. Both Bhartia and Khandelwal said that beside retail regulatory Authority there is an urgent need of Anti Predatory Pricing Act to keep a check on the global retailers as they are known for indulging in predatory pricing policy in their business module. However, the CAIT is of the considered opinion that as of now there is no need of any foreign investment in retail trade and the Government should withdraw its notification for allowing FDI in retail sector. Rather, the Government should focus to evolve a policy to upgrade and modernize the existing retail trade of India to meet the global challenges.